Icahn Gets Hostile, Ups Clorox Bid To $10.7B

By Evan Weinberger

Law360, New York (July 20, 2011, 12:56 PM ET) -- Takeover specialist Carl C. Icahn on Wednesday upped his bid for Clorox Co. to $10.7 billion and called its rejection of his original offer “misguided” in an increasingly nasty battle for control of the company.

In a letter to Clorox's board of directors filed with the U.S. Securities and Exchange Commission, Icahn blasted the rejection of his original $10.2 billion bid by Clorox Chairman and CEO Don Knauss and the board, saying that the company has underperformed under Knauss' leadership. The new offer values Clorox at...